Sequoia-Backed BAIOO Family Plans $237M HK IPO


Guangzhou-based children online game developer and operator BAIOO Family Interactive Ltd. is planning an IPO in Hong Kong to raise as much as US$237 million, according to a prospectus filed by the company.

The company will issue 706 million new shares at HK$2.0 to HK$2.6 per share.

BAIOO says it will use the proceeds to expand its online education and e-learning market, and also to broaden its product range to print media, movies and TV show production.

The company previously received RMB30 million seed funding from Sequoia Capital in 2009.

Founded in 2009, BAIOO focuses on children online game and education products.

Last year, three Chinese Internet gaming firms listed in Hong Kong, including Forgame, IGG and Boyaa.

Citigroup Inc. is serving as joint book runner on the deal.

 
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